Deutsche Bank Sued by Trader Fired Over Libor Manipulation

  • Lender seeks to dismiss claims about senior individuals
  • Shivani Mathur alleges she suffered sexual discrimination

Deutsche Bank AG sought to throw out allegations of wrongdoing by "senior individuals" at the bank that are part of a London employment lawsuit filed by a trader fired over her involvement in Libor manipulation.

Shivani Mathur, a trader dismissed at the request of regulators amid the Libor-rigging scandal, submitted a 70-page document to the London employment tribunal containing allegations that are too old to be considered, said Christopher Jeans, a lawyer for Deutsche Bank. The witness statement, which hasn’t been released, spells out claims she suffered sexual discrimination and was punished for blowing the whistle on corporate misconduct, according to court records.

“What’s happening here is that the claimant is bringing an ‘in-time’ claim in relation to her dismissal and wanting to use it as a vehicle for complaining about a huge list of historic events,” Jeans said Thursday. "There is a world of difference between focusing on the dismissal and the reasons for it and any immediate surrounding events and one in which goes into a whole history of matters which over many years she chose not to pursue."

Mohinderpal Sethi, a lawyer for Mathur, said though allegations spanned "a number of years," they form the basis of the "bank’s motivation to fire her.”

The hearing was postponed while the court reviews the Frankfurt-based bank’s request.

Mathur was one of seven Deutsche Bank traders in London and Frankfurt pushed out last year by the New York banking regulator as part of a record $2.5 billion Libor-rigging settlement. Her case follows that of former BNP Paribas SA executive Christopher Marks, who won his case for unfair dismissal last summer after the bank was ordered to cut ties with him and 12 other employees.

Mathur joins a growing group of traders caught up in the benchmark-rigging scandals to sue their former employers in London’s tribunals. Perry Stimpson, a former Citigroup Inc. currency trader, won his case in November. Carly McWilliams, another former Citi trader, begins her case on Monday, according to court records.

A bank spokesman said at the hearing that the lender was ordered to terminate Mathur’s employment in connection with the regulatory settlement.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE